Global Shipping Business Network (GSBN), an independent, not-for-profit technology consortium building a blockchain-enabled operating system designed to redefine global trade, today announced that it has reached a new milestone with the rollout of Cargo Release in Latin America, starting with ports across Mexico and Panama.
Cargo Release is a blockchain-enabled application offering a paperless, highly efficient, and transparent solution connecting everyone involved at the port of import including shipping lines, consignees, their agents, and terminals. This product cuts the time for cargo to be document-ready for release from days to hours.
Due to their proximity with North and Latin American markets, Mexico and Panama are strategically important ports for global trade. According to United Nations Economic Commission, Latin America and the Caribbean accounts for an estimated 17% of the world’s total maritime cargo, while Mexico and Panama are amongst the top 10 countries by number of port terminals, according to the United Nations.
The latest announcement marks the first anniversary of Cargo Release which was first rolled out across China in 2021 and has since followed successful deployments across Southeast Asia, Europe and most recently Latin America, serving over 10,000 customers to date.
Bertrand Chen, CEO at GSBN, said, “As global trade continues to face an evolving and increasingly dynamic environment, digitisation is playing a critical role in helping the shipping sector adapt. Mexico and Panama are strategically important locations for global supply chains, and we hope the rollout of Cargo Release will help further accelerate the digital leap the shipping sector is undergoing.”
Involved in the rollout are COSCO SHIPPING Lines, OOCL and global port operator Hutchison Ports.
Zhang Chi, Latin America/Africa Trade Division General Manager at COSCO SHIPPING Lines, said, “We are delighted to see Cargo Release spread its wings across the world following its successful debut in China a year ago where it has slashed cargo release times from days to a matter of hours. The adoption of Cargo Release is essential to reducing the bottlenecks faced by the sector and its latest rollout in Latin America further ushers a modern era for global trade.”
Michael Xu, Director of Trades at OOCL, said, “Being a pioneer in deploying the latest technology to drive tangible improvements in operations, OOCL is pleased to see Cargo Release expanding its footprint into Latin America, thereby bringing real benefits to our customers in the region. We will continue to work with GSBN to drive the digital transformation of global trade and the supply chain, and we look forward to delivering an enhanced shipping experience to our customers worldwide.”
Carlos Del Castillo, COO at Hutchison Ports Mexico, said, “As a company committed to pioneering innovation and modernised ports, we are proud to be one of the founding members of GSBN which continues to grow from strength to strength. This is important at a time like now when the shipping sector is undergoing a digital revolution and needs ready solutions that address real world challenges. From Southeast Asia to Europe, we look forward to extending the proven benefits of Cargo Release to our customers in Latin America.”
Jared Zerbe, CEO at Hutchison Ports Panama, said, “Launching Cargo Release to our customers in Panama is key to our culture of innovation and customer service. As a founding member of GSBN, we are proud to be part of this announcement, especially on a time where process digitalization has become a key factor in the improvement of transport chain transparency and process efficiency.”